National Mortgage Rates

Meanwhile, fixed mortgage rates dipped this week, with the average rate on 30-year loans staying under 5% and the 15-year average falling below 4%.

Freddie Mac says the average rate on 30-year loans fell to 4.78% from 4.80% the previous week. It hit a 40-year low of 4.17% in November.

The average rate on 15-year fixed mortgages slipped to 3.97% from 4.02%. It fell to 3.57% in November, lowest level on records dating back to 1991.

Despite the low rates, housing remains in the doldrums. Four homebuilders reported softer sales in the most recent quarter. A weak economy, strict credit standards and a high number of foreclosures are chasing away buyers.